How Standardized Indices Are Reshaping Transparency in the Voluntary Carbon Market
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The voluntary carbon market (VCM) is undergoing a major shift, with higher-quality credits gaining recognition and commanding price premiums. The newly released State of Quality and Pricing in the VCM report from Calyx Global and ClearBlue Markets reveals how 2024 became a defining year for carbon credit quality, pricing trends, and buyer behavior.
To bring these insights to life, the report’s authors presented key findings and introduced groundbreaking indices that publicly track VCM quality and price dynamics:
✅ Calyx Carbon Integrity Index™ – Tracks the quality of issuances and retirements using the largest dataset of project-level GHG integrity ratings available.
✅ Calyx-ClearBlue Carbon Price-Integrity Index™ – Aggregates 2,000 pricing data points from ClearBlue Markets and 800 integrity ratings from Calyx Global to reveal how the market values quality.
CEO and Co-founder
ClearBlue Markets
Moderator
Michael Berends is a highly respected leader in the global carbon markets. With a decades-long career spanning North America and Europe, he has held senior positions in top energy and financial organizations, including Barclays Capital, Vattenfall Energy Trading, and ICL, in trading, origination, procurement, and sales.
Michael has successfully executed numerous global carbon product deals and devised pricing and risk management strategies for emitters in compliance and voluntary markets across more than 50 countries.
Under Michael's leadership, ClearBlue Markets has experienced remarkable growth, expanding sixfold, earning its place as a trusted partner for hundreds of corporations worldwide and launching the Vantage carbon intelligence platform. In 2023, ClearBlue Markets secured an investment of $8 million in financing led by the Royal Bank of Canada.
Michael holds a Master's degree in Conservation Biology from the University of Toronto and a Master's in Environmental Management from the University of Amsterdam.
Manager Market Analysis
ClearBlue Markets
Nicholas is a Manager with ClearBlue, focusing on the Voluntary Carbon Market. Tasked with providing insights and in-depth analysis of supply and demand dynamics, corporate demand trends, VCM policy, and integrity standards, including international markets and regulations (Article 6, ICVCM, VCMI).
Nicholas holds a Master’s Degree in Macroeconomic Policy and Financial Markets from the Barcelona School of Economics and has prior work experience in ESG ratings and sustainability reporting.
Co-founder
Calyx Global
Donna has worked on climate change for nearly two decades. Along with being a co-founder of Calyx Global, she is currently on the ICVCM’s Expert Panel and on the BVCM SBTi Expert Advisory Group. She was formerly at the State Department where, among other duties, she served as a climate change negotiator for the United States; thereafter, she served as an advisor to governments, philanthropies and companies seeking to take climate action. Her goals in life align with Calyx’s mission: to contribute to the well-being of people and to protect the planet. Donna has a B.S. in Electrical Engineering and a Masters in Education from UCLA, and a Masters in International Policy from Stanford University. In her free time, you can find Donna wandering the Colorado Rockies by foot or on nordic skis.
AVP Carbon Pricing
Environmental Defense Fund